Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 7 years ago, 07/17/2017
Moving in 12 months... Buy here or buy there?
Hi!
My situation is somewhat unique. I plan to Move to Rhode Island in about 10-12 months. My girlfriend and I plan to get married and live in her home state of Rhode Island. I want to start investing but I'm not sure how to start.
My original plan was to house hack. Buy a 2-4 unit property in Rhode Island, keep a unit open and use that as my living space until my girlfriend and I can afford a single family house. I would also invest in St. Louis properties afterward because the property value is good- I can buy low and rent high.
My parents are suggesting I buy a property here in St. Louis and use that cash flow to buy a single-family home in Rhode Island. They would manage it once I move and I would still have an income from it so then the question becomes does it even make sense to think about investing in Rhode Island? Should I just focus on investing in St. Louis while I live in Rhode Island? Is it harder to buy property while you don't live in the location or is it better when you have a good team around you (my parents)?
My Parents know some people who can finance me for a St. Louis property (my current location) but the people might not finance for an out of state property. So that is another hangup that I would have to figure out soon. Thank you for your time!